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Ethereum Berlin Hard Fork is Alive

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Jahanzaib
@xabi
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Evening

Ethereum’s new Berlin hard fork went live today at block 12,244,000. Named after the city that hosted the inaugural Devcon convention, Berlin hard fork tinkers with the one of arch-issues Ethereum network faces today; the gas fees and promises to bring transactions costs down.

The hard fork introduces four EIPs(Ethereum Improvement Proposals) to the network:

  • EIP-2565: ModExp Gas Cost Reduces gas cost of transactions involving modular exponentiation.

  • EIP-2929: Gas cost increases for state access opcodes Slightly increases the gas price to fasten up transaction processing and limit denial-of-service attacks.

  • EIP-2718: Typed Transaction Envelope Introduces a new transaction type, allowing enveloping of multiple transactions.

  • EIP-2930: Optional access lists Creates a new transaction type(using EIP-2718's enveloping), allowing users to load a preset outline of addresses and amounts for future transactions, to counter some of gas fee increase from EIP-2929 and reducing the risk of broken smart contracts.

Ethereum creator Vitalik Buterin and Martin Swende are behind the EIP-2929 and EIP-2930. More info about the aforementioned EIP's...[Read]

Although addressing the gas price issue slightly, Berlin hard fork is already garnering attention from crypto community as Ethers continues to achieve new ATHs by every passing day. It seems the network is gearing up for the upcoming EIP-1559 that addresses the gas price issue more drastically.
EIP-1559 proposes to reduce the overall supply of ETH, allowing network to decide the gas fees and burn a part of it. Ethereum Mining community have serious reservations about EIP-1559, claiming it would eat their profits. EIP-1559 is scheduled to go live in July this year with London hard fork but still no official launch date is released.

Hodl!!!

Moon Soon...

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